COMPUTATION OF TENANT'S SHARE OF ANNUAL OPERATING COSTS Sample Clauses

COMPUTATION OF TENANT'S SHARE OF ANNUAL OPERATING COSTS. After the end of each calendar year of the Term, Landlord shall compute Tenant's share of the annual operating costs described above incurred during such calendar year by (A) calculating an appropriate adjustment, using generally accepted accounting principles, to avoid allocating to Tenant or to any other tenant (as the case may be) those specific costs which Tenant or any other tenant has agreed to pay; (B) calculating an appropriate adjustment, using generally accepted accounting principles, to avoid allocating to any vacant space those specific costs which were not incurred for such space; and (C) multiplying the adjusted annual operating costs by Tenant's Proportionate Share.
Sample 1Sample 2Sample 3See All (14)
AutoNDA by SimpleDocs
COMPUTATION OF TENANT'S SHARE OF ANNUAL OPERATING COSTS. After the end of each calendar year of the Term, Landlord shall compute Tenant’s share of the annual operating costs described above incurred during such calendar year by (A) calculating an appropriate adjustment, using generally accepted accounting principles, to avoid allocating to Tenant or to any other tenant (as the case may be) those specific costs which Tenant or any other tenant has agreed to pay, (B) subject to the provisions set forth below in this subsection (i), calculating an appropriate adjustment, using generally accepted accounting principles, to avoid allocating to any vacant space those specific costs (limited to costs which may vary depending upon the occupancy level of the Building) which were not incurred for such space; and (C) multiplying the adjusted annual operating costs by Tenant’s Proportionate Share. Any adjustment or “gross up” pursuant to clause (B) shall be determined as follows: If the Building is not at least ninety-five percent (95%) occupied by tenants during all or any portion of a calendar year, or if during all or a portion of any calendar year Landlord is not furnishing to any tenant or tenants any particular service, the cost of which, if furnished by Landlord, would be included in Operating Expenses, then Landlord may elect to make an adjustment for such year of components of Operating Expenses and the amounts thereof which may vary depending upon the occupancy level of the Building. Provided such amounts are otherwise properly includable in Operating Expenses, any such adjustments shall be deemed costs and expenses paid or incurred by Landlord and included in Operating Expenses for such year, as if the Building had been ninety-five percent (95%) occupied during the entire calendar year, Landlord had furnished such service at its expense for the entire calendar year and Landlord had paid or incurred such costs and expenses for such year.
Sample 1
COMPUTATION OF TENANT'S SHARE OF ANNUAL OPERATING COSTS. Beginning December 1, 2005, Tenant shall pay a monthly amount of *** toward common area expenses. Operating Costs subject % of Building occupied by Tenant as confirmed by BOMA specs. Initially, this amount shall be based on Landlord’s best estimate of operating costs for the calendar year 2005. Landlord shall provide Tenant with an annual accounting of actual costs described in Paragraph 1(A) for each calendar year at which time any adjustments will be made. Any balance for the year will be due within ten (10) days of presentation of invoice. Any credit will be returned to the Tenant in the reduction of future monthly common area expense payments. An estimated monthly payment shall be determined on a year-by-year basis. Tenant shall have the right to audit all documents related to the calculation of such Annual Operating Costs. Landlord shall make its books and records available for inspection upon reasonable notice from Tenant during regular business hours. Tenant shall have a continuing right to audit Landlord’s charges. Should such as audit indicate that, in any of Landlord’s statements, the amount payable by Tenant has been overstated by Landlord by more than seven and one-half percent (7 1/2%) Landlord shall pay Tenant the reasonable cost of such an audit, together with interest on the overstated amount at the rate of five percent (5%). In any event Landlord shall, within 10 days after Tenant’s notice, repay any amount owing to Tenant as a result of an overstatement (or Tenant may, at Tenant’s election, apply such overstated amount against rent).
Sample 1
COMPUTATION OF TENANT'S SHARE OF ANNUAL OPERATING COSTS. After the end of each calendar year of the Term, Landlord shall compute and submit to Tenant the annual operating costs for such calendar year. "Tenant's share of the annual operating costs" for such calendar year shall be [A] the annual operating costs for the Building divided by [B] the greater of [x] 90 percent of the net rentable area of the Building or [y] the total net rentable area in the Building which is actually leased; multiplied by [C] the number of square feet of space in the Premises as specified in the Term Sheet, but in no event shall the operation of this section yield greater than 100 percent of operating costs. 7. Without limitation of any other rights or remedies available to the Landlord under Section 27(b) entitled "Remedies", or which are otherwise available at law or in equity, and subject to Section 27(d) of the Lease, the following remedy of Landlord in the case of a default by the Tenant under the Lease, as herein amended, is restated and granted as follows: When this Lease and the Term or any extension or renewal thereof shall have been terminated on account of any default by Tenant, or when the Term has expired, it shall be lawful for any attorney of any court of record in Pennsylvania to appear as attorney for Tenant as well for all persons claiming by, through or under Tenant and to confess judgment against it, them or any of them, for the recovery by Landlord of possession of the Premises, for which this Lease shall be said attorney's sufficient warrant; and, thereupon, if Landlord so desires, an appropriate writ of possession may issue forthwith, without any prior writ or proceeding whatsoever. Landlord shall have the right for the same default and upon any subsequent default or defaults, or upon the termination of this Lease or Tenant's right of possession as hereinbefore set forth, to direct any attorney of any court of record in Pennsylvania to confess judgment for the recovery of possession of the Premises as hereinbefore provided, on one or more occasions. 8. Section 42(a) contained on the Rider to Flex Space Lease entitled "Minimum Annual Rent" shall be restated in its entirety as follows:
Sample 1
COMPUTATION OF TENANT'S SHARE OF ANNUAL OPERATING COSTS. After the end of each calendar year of the term, Landlord shall compute Tenant's share of the annual operating costs described in Paragraph 5 (d) (i) incurred during such calendar year by [A] calculating an appropriate adjustment, using generally accepted accounting principles, to avoid allocating to Tenant or to any other tenant (as the case may be) those specific costs which Tenant or any other tenant has agreed to pay; [B] calculating an appropriate adjustment, using generally accepted accounting principles, to avoid allocating to any vacant space those specific costs which were not incurred for such space; and [C] multiplying the adjusted annual operating costs by a fraction, the numerator of which shall be the square foot area of the Premises and the denominator of which shall be the rentable square foot area of the Building.
Sample 1
COMPUTATION OF TENANT'S SHARE OF ANNUAL OPERATING COSTS. After the end of each calendar year of the Term, Landlord shall compute and submit to Tenant the annual operating costs for such calendar year. "Tenant's share of the annual operating costs" for such calendar year shall be [A] the annual operating costs for the Building divided by [B] the greater of (x) 90% of the net rentable area in the Building or (y) the total net rentable area in the Building which is actually leased; multiplied by [C] Tenant's Proportionate Share as specified in the Term Sheet but in no event shall the operation of this section yield greater than 100% of operating costs.
Sample 1
COMPUTATION OF TENANT'S SHARE OF ANNUAL OPERATING COSTS. See Addendum to Agreement of Lease, Paragraph 3.(b).
Sample 1
AutoNDA by SimpleDocs

Related to COMPUTATION OF TENANT'S SHARE OF ANNUAL OPERATING COSTS

  • Operating Expenses Unless modified in accordance with Exhibit D, Landlord maintenance addendum, attached hereto, it is the intention of the parties and they hereby agree that this shall be a triple net Lease, and the Landlord shall have no obligation to provide any services, perform any acts or pay any expenses, charges, obligations or costs of any kind whatsoever with respect to the Premises, and Tenant hereby agrees to pay one hundred percent (100%) of any and all Operating Expenses as hereafter defined for the entire term of the Lease and any extensions thereof in accordance with specific provisions hereinafter set forth. The term Operating expenses shall include all costs to Landlord of operating and maintaining the Building and related parking areas, and shall include, without limitation, real estate and personal property taxes and assessments, management fee, heating, electricity, water, waste disposal, sewage, operating materials and supplies, service agreements and charges, lawn care, snow removal, restriping, repairs, repaving, cleaning and custodial, security, insurance, the cost of contesting the validity or applicability of any governmental acts which may affect operating expenses, and all other direct operating costs of operating and maintaining the Building and related parking areas, unless expressly excluded from operating expenses. Notwithstanding the foregoing, operating costs (and Tenant's obligations in relation thereto) shall not include (i) any expense chargeable to a capital account or capital improvement, ground leases; principal or interest payments on any mortgage or deed of trust on the premises; (ii) any amount for which Landlord is reimbursed through insurance, by third persons, or directly by other tenants of the premises, (iii) repair costs occasioned by fire, windstorm or other casualty, (iv) any construction, repair or maintenance expenses or obligations that are the sole responsibility of Landlord (not to be reimbursed by Tenant), (v) leasing commissions and other expenses incurred in connection with leasing any other area located on the premises to any other party, (vi) any expense representing an amount paid to an affiliate or subsidiary of Landlord which is in excess of the amount which would be paid in the absence of such relationship, and (vii) costs of items and services for which Tenant reimburses Landlord or pays third persons directly.

  • Operating Costs (a) Tenant shall maintain the Premises in their condition on the Effective Date at Tenant’s sole cost and expense. Landlord may inspect the Premises and, if Landlord reasonably determines that Tenant is not maintaining the Premises in their condition on the Effective Date, Landlord may provide Tenant with written notice of any such maintenance concern, and Tenant shall promptly make such repairs. If Tenant fails to complete such repairs within thirty (30) days of receipt of such notice, Landlord may undertake such repairs and Tenant shall be obligated to reimburse Landlord for its costs within ten (10) days of receipt of an invoice therefore. Landlord represents and warrants to Tenant that the exterior walls, foundation and roof of the Premises are in good working order on the Effective Date. Landlord will, at its cost, replace, restore, repair or maintain (as necessary) the roof until the first anniversary of the Commencement Date. Landlord will, at its cost, replace, restore, repair or maintain (as necessary) the exterior walls and foundation of the Premises until the fifth anniversary of the Commencement Date. Tenant shall be fully responsible for the replacement, restoration, repair and maintenance of the roof, exterior walls and foundation of the Premises thereafter. If Landlord fails to commence such repairs within thirty (30) days of receipt of any notice from Tenant, Tenant may undertake such repairs and Landlord shall be obligated to reimburse Tenant for its costs within ten (10) days of receipt of an invoice therefore; provided, however, that Tenant shall have no rights to offset or set off any such amounts against the Rent to be paid hereunder. If Landlord does not reimburse Tenant within ten (10) days from the date of notice, such charge shall bear interest at the rate of eighteen percent (18%) per annum until paid. Notwithstanding anything to the contrary herein contained (except for the provisions of paragraph 32 below), if Tenant makes any changes, additions or alterations to the roof of the Premises which involves penetration of the roof (other than those for telecommunications installations so long as the installation contractor has Landlord’s prior written approval which will not be unreasonably conditioned, delayed or denied), Landlord’s obligations to replace, restore, repair or maintain the roof shall cease. If Tenant undertakes any structural repairs in the Premises which impact, affect, or alter the walls or foundation of the Premises, Landlord’s obligation to replace, restore, repair or maintain that portion of the exterior walls and foundation of the Premises shall cease as of the date of such action by Tenant. Any Operating Costs that pertain to a period prior to or after the Lease Term will be pro rated between Landlord and Tenant in the proportion of the amount of the Lease Term that falls within the period to which the Operating Costs pertain. (b) Tenant shall pay all Operating Costs during the Lease Term.

  • Total Operating Expenses All costs and expenses paid or incurred by the Company, as determined under GAAP, that are in any way related to the operation of the Company or its business, including the Advisory Fee, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer and registration of securities, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines; (vi) acquisition fees and Acquisition Expenses, (vii) real estate commissions on the sale of Real Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgages or other property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 2%/25% Guidelines. 2%/25% Guidelines shall have the meaning set forth in Section 14.

  • Maximum Annual Operating Expense Limit The Maximum Annual Operating Expense Limit with respect to each Fund shall be the amount specified in Schedule A based on a percentage of the average daily net assets of each Fund.

  • Direct Expenses 1. Fees and expenses of its directors (except the fees of those directors who are deemed to be "interested persons" of the Fund as that term is defined in the Investment Company Act of 1940) and the meetings thereof;

  • Statement of Actual Direct Expenses and Payment by Tenant Landlord shall give to Tenant within five (5) months following the end of each Expense Year, a statement (the “Statement”) which shall state the Direct Expenses incurred or accrued for such preceding Expense Year, and which shall indicate the amount of Tenant’s Share of Direct Expenses. Upon receipt of the Statement for each Expense Year commencing or ending during the Lease Term, Tenant shall pay, with its next installment of Base Rent due that is at least thirty (30) days thereafter, the full amount of Tenant’s Share of Direct Expenses for such Expense Year, less the amounts, if any, paid during such Expense Year as “Estimated Direct Expenses,” as that term is defined in Section 4.4.2, below, and if Tenant paid more as Estimated Direct Expenses than the actual Tenant’s Share of Direct Expenses, Tenant shall receive a credit in the amount of Tenant’s overpayment against Rent next due under this Lease. The failure of Landlord to timely furnish the Statement for any Expense Year shall not prejudice Landlord or Tenant from enforcing its rights under this Article 4. Even though the Lease Term has expired and Tenant has vacated the Premises, when the final determination is made of Tenant’s Share of Direct Expenses for the Expense Year in which this Lease terminates, Tenant shall immediately pay to Landlord such amount, and if Tenant paid more as Estimated Direct Expenses than the actual Tenant’s Share of Direct Expenses, Landlord shall, within thirty (30) days, deliver a check payable to Tenant in the amount of the overpayment. The provisions of this Section 4.4.1 shall survive the expiration or earlier termination of the Lease Term.

  • Common Area Operating Expenses Lessee shall pay to Lessor during the term hereof, in addition to the Base Rent, Lessee's Share (as specified in Paragraph 1.6(b)) of all Common Area Operating Expenses, as hereinafter defined, during each calendar year of the term of this Lease, in accordance with the following provisions:

  • Common Area Expenses In the event the demised premises are situated in a shopping center or in a commercial building in which there are common areas, Lessee agrees to pay his pro-rata share of maintenance, taxes, and insurance for the common area.

  • Base Year The period beginning on 1 April of one year and ending on 31 March of the following year.

  • Limit on Operating Expenses The Advisor hereby agrees to limit the Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in Appendix A (the “Annual Limit”). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Advisor will pay to the Fund, on a monthly basis, the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a “Fund Reimbursement Payment”).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!